Loading page...

Romanian Business News - ACTMedia :: Services|About us|Contact|RSS RSS


Banks, exchange offices, payment operators must display fees charged for euro conversion

The government has adopted a piece of legislation by which payment service providers, recte banks, exchange offices, payment operators must clearly display the fees charged for conversion into and from euros, according to a press release issued by the Ministry of Economy on Wednesday.

It is about the Decision on the establishment of certain measures for the application of Regulation (EU) 2021/1230 of the European Parliament and of the Council of 14 July 2021 on cross-border payments in the Union.

The piece of legislation aims at implementing in the national legislation the latest amendments brought, at European level, to the cross-border payments in the European Union, through Regulation no. 1.230/2021, by introducing the obligation that the information related to the commissions charged by banks, payment entities or payment operators that offer currency exchanges from RON to EURO and vice versa, both at an ATM and at a point of sale, to be provided to the customer before initiating the payment.

This puts an end to the inequalities between users of payment services in the euro area and the Member States that are in non-euro area and to ensure that fees for cross-border payments in euro within the Union are aligned with those for the corresponding national payments made in the national currency of the Member State in which the payment service provider of the payment service user is established.

The new provisions also cover, in addition to the currency conversion fee, the operation fees or those applied to the transfer made online, sanctions being imposed in case of non-compliance with them.